As everyone knows that life is uncertain and in case of any mishappening of only earner of a family, they may face problem related to finances. A Life insurance is a contract between an insurer and a policy holder. A life insurance policy gives guarantees to the insured (policy holder) that in case of his untimely demise the insurance company will be liable to pay a prescribed sum of money to named beneficiaries in exchange for the premiums paid by the policyholder during their lifetime. A suitable insurance policy provides you umbrella which help the family to overcome with problems arises from financial point of view. An insurance policy also gives peace of mind to the insured that his family will remain financially safe in case of his early demise.
What Affects Your Life Insurance Premimus
- The biggest factor of deciding the LI premium is a person’s age. At young age there are none or very less chances of having any critical or major disease hypertension, cardiac arrests and many others. The mortality rate is also seen very less at young age of a person. Every person who is starting his career should opt for a suitable insurance policy as per their need at a very cheap premium.
- After Age factor, Gender also plays an important role in deciding the premium of life insurance, because study says that Women live nearly 5 years longer than Men. That’s why women insured pays premium for extended tenure than men, they enjoys slightly lower rates..
- If a person smokes or consume alcohol will be liable to pay more premium while taking a life insurance policy because he/she at higher risk due to side effects of the products. Those products put a health at higher risk.
- Tough luck! You cannot do anything for genetic transmission. There are maximum chances of a heredity diseases transfer by birth. For instance, if grandfather of a person is caused by major disease like cancer, heart issues, blood pressure etc, then there are more chances for the person to get the same disease from their birth, which may also affect the premium of life insurance.
- Are you an adventure lover person? Do you like racing cars or climbing mountains or diving deep into sea? If so, then probably you may have to pay more premiums for your insurance, as you are indulge in high-risk activities, there are more likelihood to meet an accident. This risk highly impacts the premium of your life insurance.
- If you have not yet opted a Life Insurance get it now, Aim Capital Financial Pvt Ltd will help you to get suitable Life insurance. contact us now or sign up here our consultant will contact you soon.